Financial corporations, accounts, Q3 2015

As a share of average total assets, accumulated profit before tax was 0.74 per cent after the 3rd quarter of 2015, which is a decrease from 0.88 per cent by the end of the 3rd quarter of 2014.

Lower net gains on securities and currency

Norwegian banks' net gains on securities and currency were NOK 0.8 billion after the 3rd quarter of 2015, which is NOK 5.8 billion less than the same period last year. The low net gains were due to a loss on treasury bills, government bonds and other securities of NOK 4.6 billion, which was barely offset by a net gain on currency and other financial assets and liabilities of NOK 5.4 billion.

Increased net interest income

The net interest income, the difference between the gross interest rate income and gross interest rate expenses, amounted to NOK 48.0 billion by the end of the 3rd quarter this year, which is NOK 4.4 billion higher than the same period last year. The increase is mainly due to lower interest expenses. Net interest income as a share of average total assets was 1.01 per cent after the 3rd quarter of 2015; approximately the same as by the end of the 3rd quarter of 2014.

Good results for mortgage companies

Norwegian mortgage companies’ pre-tax profit was NOK 11.6 billion at the end of the 3rd quarter of 2015; an increase from NOK 0.3 billion compared to the same period last year. The pre-tax profit at the end of the 3rd quarter of 2015 amounted to 0.6 per cent of average total assets.

The strong result was mainly due to a positive trend in net gains on securities and currency of NOK 4.9 billion. Compared to last year, the mortgage companies had a net loss of securities and currency of NOK 7.3 billion.

The net interest income for mortgage companies amounted to NOK 12.1 billion by the end of the 3rd quarter this year, which is a decrease from NOK 14.9 billion by the end of the 3rd quarter last year.